For years, savers received hardly any interest on the money they invested. Saving has only become worthwhile again since the European Central Bank's interest rate change. Fixed-term deposits are particularly popular with German investors given the rise in interest rates. “It is a very safe investment if you consider a few points in advance,” says Sibylle Miller-Trach, financial lawyer at the Bavarian Consumer Center.  

It's best to go straight to the bank

It is best for consumers to conclude a fixed-term deposit contract directly with the bank they have chosen. This can be the financial institution where you have your checking account, but also another bank in Germany. Foreign financial institutions can also generally be considered. Sibylle Miller-Trach: “Consumers should make sure that the bank is covered by the European deposit protection scheme and is based in a country with the strongest possible economy.” No more than 100,000 euros should be invested with a single credit institution, as customer deposits are not secured beyond that . Stiftung Warentest regularly publishes fixed-term deposit comparisons with the best secure offers .

Be careful with financial intermediaries

Some financial intermediaries offer to invest money for their customers in mostly foreign banks. “Here you have to check carefully whether the intermediary is even active on the market,” warns Sibylle Miller-Trach. “There have already been cases in which fraudsters have gone into hiding with the money instead of investing it.” If you want to use an intermediary, you should find out about them beforehand - for example from the Bavarian Consumer Center or on the Stiftung Warentest investment warning list . Consumers can also ask the bank directly whether it works with the financial intermediary.

You should never rush into investing, advises Miller-Trach and emphasizes: “Offers with an astonishingly high interest rate are either dubious or they are not a fixed-term deposit, but a risky business investment.”
If you want to avoid mistakes when investing, can get provider-independent advice from the Bavarian Consumer Advice Center. Information about making an appointment and consulting topics in the area of ​​financial services can be found www.verbraucherzentrale-bayern.de

Source:

Bavarian consumer advice center

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